The S&P 500 moved below a key support level
- The S&P 500 traded below the support level of 2603.54 12/14/2018.
- The index now near potential support at the low of 2/9/2018 of 2532.69
- The next level of potential support is at the high of 8/11/2017 of 2490.87.
- RSI is below the 50 middle line which is a sign that there is not much buying strength at this time.
John N. Lilly III, AAMS
Portfolio Manager, RJ
The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum Oscillator that measures the speed and changes of price movements.
The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S stock market. Past performance may not be indicative of future results. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investors’ results will vary. Opinions expressed are those of the author John N. Lilly III, and not necessarily those of Raymond James. The information contained was received from sources believed to be reliable, but accuracy is not guaranteed. Investing always involves risk and you may incur a profit or loss. No investment strategy can guarantee success. The charts and/or tables presented herein are for illustrative purposes only and should not be considered as the sole basis for your investment decision.